Question 1

Do you allow cosigners and where does the cosigner sign on the application?

Accepted Answer

You cannot cosign on behalf of another applicant, nor can someone cosign on your behalf. You must apply on your own to qualify for a loan.

Question 2

What is OppU and what are the credit education courses?

Accepted Answer

OppU is a national standards-aligned personal finance curriculum designed to teach essential concepts like saving, budgeting, credit education, and more. OppU can help you master your money with fun and free videos and quizzes. For more information, click here - https://www.opploans.com/oppu/.

Question 3

I am having trouble with bank verification. What should I do?

Accepted Answer

There are multiple reasons the bank verification step may not be successful. Below are the most common errors and tips for success:

 	Ensure you are using a stable Internet / Wifi connection.
 	If your banking institution is not listed, you can manually upload 30 days worth of bank statements through your online portal. Log into your OppLoans account, click Upload Documents on the right menu, choose your files to upload, and then submit. 
 	Attempt logging into your bank account to ensure your banking login credentials are correct. Click through any promotions, updates, or personal verification to ensure you are able to view your account. When complete, please attempt bank verification again.
 	Ensure your online banking account has your current phone number and email for multi-factor authentication. This includes updating your security questions when logging into your account.

Most common errors - 



Error
Description
Solution


Invalid / Incorrect Credentials
User incorrectly entered their credentials
Verify your credentials are accurate and attempt the process again.


Invalid MFA (multi-factor authentication)
User incorrectly submitted answers or codes for multi-factor authentication.
Re-enter the MFA selections, code, or question answers. Verify your information is up to date and accurate by logging into your online bank account.


Account Locked
User’s account is locked. Most commonly due to entering credentials incorrectly too many times.
Contact your financial institution or log into your online bank account to resolve the issue and unlock your account.


Account Not Yet Authorized for Online Use
User’s online bank account is not fully set up at their financial institution.
Contact their financial institution or log into your online bank account to complete setting up your account.


Account Not Supported / No Accounts Available
The type of account with your financial institution or the type of MFA used is not supported.
Attempt to connect with a different type of account, specifically the checking account that receives the majority of your direct deposits. 


Institution or Service is Down, Not Responding, Not Available
Bank or provider is temporarily down, preventing user from connecting their account. Most commonly due to website maintenance.
Attempt to connect at a later time. Verify your banking institution is no longer down, by contacting or logging into your online bank account.

Question 4

What types of credit products does OppLoans offer?

Accepted Answer

OppLoans offers installment loans, which are unsecured, closed-ended loan that is repaid according to a set term and schedule where each payment is an equal portion of the total amount borrowed and accrued interest. For more information, please see our Rates and Terms.

Question 5

What are the interest rates and fees associated if I receive a credit product through OppLoans?

Accepted Answer

The rates and terms for the products offered through OppLoans are specific to your state of residence. Please visit our Rates and Terms page to see rules specific to your state.

Question 6

Can I apply over the phone?

Accepted Answer

We do not currently accept applications by phone. However, our online application process is quick and easy—we promise! Just click “Apply Now” at the top of this page or visit Apply Now to begin the application on your computer, smartphone or tablet!

Question 7

Do I need to send in any documents for my application?

Accepted Answer

There are some instances where proof-of-income is required prior to your application being approved, including:

 	If you receive alimony
 	If you receive disability benefits
 	If you receive social security benefits
 	If you reside in IL or NV a paystub is required

Proof-of-income may include a government benefits award letter or a recent bank statement displaying regular deposits. Alimony, child support, or separate maintenance income need not be revealed if you do not wish to have it considered as a basis for your ability to repay. Please review our Rates & Terms page for more information about regulations in your state.

Question 8

What will show up on my credit report?

Accepted Answer

A loan funded through one of our lending partners will reflect on your credit report both as OppLoans and the name of the partner in question.

For FinWise Bank Loans
Reporting on your account will show up on your credit report as “FinWiseOppLoans” (TransUnion) OR “FinWise/OppLoans” (Non-TransUnion).

For First Electronic Bank Loans
Reporting on your account will show up on your credit report as “FEBOppLoans”

For Capital Community Bank (CC Bank) Loans
Reporting on your account will show up on your credit report as “CCBank/OppLoans”

Question 9

Can I refinance my personal loan?

Accepted Answer

We understand that financial situations change and that you may need more flexibility when borrowing money. To help in this process, we offer refinances to eligible current customers. If you are eligible to refinance, you will see a “Refinance Now” option in your customer portal.

Question 10

How can I repay my personal loans?

Accepted Answer

It’s important to OppLoans to offer easy and convenient ways to pay back your loan. The most popular and preferred method for many customers is through electronic fund transfer (EFT). 

We also offer a recurring payment option of remotely created checks, debit card, and paper check options. For one-time payments, we accept debit cards and EFT. Please review details about each payment method below, including the cutoff times:
Electronic Fund Transfer (ACH Debits): This is the most popular repayment method for many customers. ACH stands for Automated Clearing House and is a form of electronic debit. We electronically debit your bank account for the amount you owe and the debits coincide with your due dates. You must set up ACH or make changes to your ACH payment two business days before your payment due date. Typically, you will see the debit go through within (2) business days of your due date but check with your financial institution for details on their ACH practices. A payment scheduled on a holiday or weekend may not process until the next business
Debit Cards: OppLoans accepts debit cards for one-time payments. Typically, debit card payments are applied the same day. For example, if your payment is due on January 5, your debit card payment must be made on or before January 5 during the hours of operation. You can set up one-time or recurring debit card payments in the customer portal or by calling us at 855-408-5000.
Paper Checks: OppLoans accepts paper checks, made payable to OppLoans. Checks can be mailed to:
130 E Randolph St, Suite 3400
Chicago, IL 60601

Question 11

How much can I borrow?

Accepted Answer

Consumer products offered through the OppLoans website range from $500 to $4,000, but your eligibility will depend on your state of residence, your income and ability to repay, and your creditworthiness. For more information about the product options and lender(s) in your state, please visit our Rates and Terms page.

Question 12

How do I change my password?

Accepted Answer

Click on “Log in,” which is located in the upper right-hand corner. Then click on “Forgot password.” Otherwise you can click directly here. You will be prompted to change your password. Please make sure to enter the email address you used to apply with us. When you change your password, the new password must meet the criteria listed.

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